"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Monday, 11 April 2011

Brown @ Bretton Woods: I Got It Wrong

+ Update
Giving the 'keynote' speech at Bretton Woods II, Brown said, “We set up the FSA believing the problem would come from the failure of an individual institution. That was the big mistake. We didn’t understand just how entangled things were. I have to accept my responsibility. I do believe we’re going back to a race to the bottom."

He says the crisis was caused in large part by over-regulation when any money/finance blog at the time was saying that it wasn't too much regulation, it was wrong regulation. He also neatly sidesteps the fact that the government practically coerced Lloyds into taking on the failing HBOS and it's now being broken up again to comply with European competition laws.

This is what Brown has left us with:

Interest rates to quadruple within a year
Families financial squeeze worst for 90yrs
(amongst other things).

For those who can face it, here's Brown, saviour of the universe, at Bretton Woods.  It's interesting to hear the chap who introduces him doing a nice sales pitch for his book, "Beyond the Crash". That's what he's been writing instead of representing his constituents in Parliament:



UPDATE:  Perhaps unsurprisingly, there's nothing about Brown/Bretton Woods in this morning's Guardian. but it does a fairly good job on proposals for the further break-up of Lloyds.

The DM has a few short paras on 'Bretton Brown' and also this graphic reminder of what happened to Lloyds TSB courtesy of Brown and Sir Victor Blank:


The ASI has an excellent piece about government's need to balance the books and be held to account:
Gordon Brown, when UK Chancellor, announced the intention to balance the government's budget 'over the economic cycle' and to borrow 'only to invest'. Unfortunately, as I say, much of his 'investment' was in fact simple spending, paid for by borrowing. And since it is not easy to define a 'cycle', we found him moving the goalposts when the books didn't balance. Nor did the rules survive their first major text, the financial crisis.
I see in the comments at the DT that some Lloyds shareholders are considering taking out a class action against Brown/Blank;  I wish them luck.  It sends shivers down my spine to think that Brown is being lauded as the man to steer economic global governance plans and create yet more global institutions.

6 comments:

  1. Nauseating - the man who allowed the banksters to set the rules and then transferred their losses to the UK public is feted as the saviour of the NWO. Bastard.

    ReplyDelete
  2. Hi McG, I steeled myself to watch it last night (dozed off though towards the end!). I find it amazing that he was feted and fawned upon - "lauded" fhs. To think he's the one others are looking to for a 'sol-yew-shun' to global economic governance. All he seemed to come up with were more global 'insti-tew-shuns' - more seat polishers and troughers, another tier of governance.

    He certainly didn't apologise and he didn't really accept responsibility for the crisis either - he used "we" a lot.

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  3. Sorry GV, but I can't even bring myself to watch that man - I hate him so much with every fibre of my being.

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  4. Don't blame you, Mr W. He hoppe4d about the stage and spoke without notes - a much better performance than he ever gave in Parliament or domestic tv. He was in his element.

    One could be forgiven for thinking he was given the top job here simply to oversee the decline of our economy to prepare for the coming changes! His reward? Head of the newly-reformed IMF World Bank of Economic Governance.

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  5. As much as I loathe Snotty, I see him as the archetypal puppet of The Bilderberger cartel. Ergo, his advancement is guaranteed as a shield to their own plans.

    ReplyDelete
  6. Yes, OR. He's just doing his job. Only problem is, it isn't for us - he serves a different master.

    ReplyDelete

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